CLAIM #16049 · ConocoPhillips (COP) · 2022Q2 earnings call · Aug 4, 2022 · due Dec 31, 2022
“In general, the production in both the Lower 48 and in the Permian is back-half weighted, and we expect low single-digit growth year-over-year on a pro forma basis.”
Jack Harper · EVP Lower 48
In context
“h. So we still think that structurally, this year, we're in about -- sustaining capital would be about $6 billion. Clearly, that, with some long-cycle projects coming, longer cycle, low cost of supply projects coming, that will add to that for a temporary period, and we'll provide more information on that I expect by the end of the year. Operator: Our next question on line comes from Mr. John Royall from JPMorgan. John Royall: So just a question on your cadence of production in the Permian. I know you talked about it being back half weighted in the prior quarter and looks like a modest tick down in 2Q. So can you just speak to the cadence for the back half and expectations for 3Q versus 4Q? And then maybe just a broad update on your drilling program there. Jack Harper : Yes. This is Jack. In general, the production in both the Lower 48 and in the Permian is back-half weighted, and we expect low single-digit growth year-over-year on a pro forma basis. But on an entry-exit basis, we expect Lower 48 to grow in the mid- to high single digits with the Permian at the higher end of that range. As for expectations for activity, good news is we're -- we plan to run steady in the back half of the year, and we are currently running the number of rigs that we plan to run for the rest of the year. John Royall: Yes. And then if you could just give some color on crude realizations, looks really strong in the quarter when you look at your side there. Very strong across the board, but North Sea was particularly strong. So just anything going on there broadly or regionally to point out? Bill Bullock: Yes, sure. If you look at our realizations overall, and we provided a summary of that in the supplemental information, total realizations for the quarter”
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SEC filings for COP ↗ · Claim quote is verbatim from the 2022Q2 earnings call.